CLEVELAND (AP) -- The chief executive of National City has assured shareholders that the Cleveland-based banking company is not likely to be affected by the latest industry turmoil.
Investment bank Lehman Brothers has filed for Chapter 11 bankruptcy, while Merrill Lynch sold itself to Bank of America for $50 billion and insurer AIG is scrambling to raise cash to stave off a credit ratings downgrade.
National City Corp. CEO and president Peter Raskind said Monday that the regional bank has sufficient capital and a business model different from Lehman Brothers.
He spoke at a shareholders' meeting in Cleveland where National City investors approved final details of a $7 billion capital infusion deal that the bank announced in April.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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